My picks of last week’s news are the Ombudsman Newsletter and Is this the worst loan in Britain?
Tweet of the week
CIVEA calls for less bailiff bashing. @CitizensAdvice saw 94,000 issues with council tax arrears last year, and a third of those were involved with bailiffs. “People wouldn’t be coming to us if they weren’t having problems with their enforcement”
— Rose Derricourt (@RosieDerricourt) February 7, 2019
Is this the most expensive loan in Britain? my article.
Ombudsman News: Dealing With Debt FOS: some interesting case studies in the latest newsletter.
- Brighthouse to shut 30 shops and cut 350 jobs BBC
- BrightHouse to offer loans charging up to 149% interest as it axes hundreds of jobs and closes 30 branches Sun.
Brexit seems irrelevant when you can’t pay your bills Times: Article by Gillian Guy.
The mortgage market today – FCA analysis of an evolving sector FCA: statistics eg on the length of mortgages.
Car finance report 2018 Car Expert blog: Car finance borrowing is continuing to accelerate at a much faster rate than average weekly earnings or inflation… average car finance debt is now up to the equivalent of 39 weeks of earnings – that’s up from 29 weeks at the start of the decade.
IVAs in 2018 – numbers jump and so do failure rates My article on last week’s statistics.
Ex Provident salesman lifts lid on ‘exploitative tactics used to target poor’ Mirror: “There was a sense of a countdown towards a loan being paid off. We didn’t want customers to get to that point. The idea was they would be persuaded to stay in habitual debt. I came across people who had six or more loans. Others had been in debt for 30 or 40 years.”
Current accounts in meltdown: Why the biggest names on the high street are being hit with a deluge of customer complaints Mail: Ombudsman is upholding more than 90% of TSB IT complaints.
Payday lending in America: Proposal to Dismantle Payday Loan Rule Would Harm Millions Pew: Today’s proposal would eliminate the rule’s ability-to-repay provision—the central consumer protection measure that curbs unaffordable loan terms.
Universal credit news
Call for universal credit overhaul amid fears of looming evictions crisis Guardian: Citizens Advice reveals half of claimants seeking benefits assistance risk being evicted
Households below a Minimum Income Standard: 2008/09 to 2016/17 JRF: This report looks in detail at the family and household characteristics of those below Minimum Income Standard, which is a benchmark for an adequate standard of living in the UK.
Online gambling checks to be strengthened BBC: Operators will need to confirm customers’ age and identity faster than the 72 hours previously allowed.
Families facing perfect storm of rises in utility bills Observer: Energy, water and council tax are all set to go up this year.
Do money apps make us better or worse with our finances? BBC: “What’s the point where convenience becomes dangerous?”
LASPO review: the profession reacts Law Society Gazette: The government’s long-awaited review of controversial legal aid cuts has been greeted with a mixed response, veering from cautious optimism to funding criticisms and market sustainability fears.